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We also provide services to manage policies online

Wednesday, May 7, 2014

Don't Show Ranking-Based Advertisements, IRDA Warns Insurers

The insurance watchdog in India, Insurance Regulatory
and Development Authority of India (IRDA) is all set to launch a crackdown on
advertisements by insurance companies that show their standing in the industry,
with respect to their rankings.

The regulator has sent notices to insurers such as state-run New India
Assurance to ensure that they do not publish their ranking in any
advertisements.

As per the Insurance Advertisements and Disclosures Regulations, 2000, no
insurer can show advertisements based on ranking, which can be misleading
customers or which make unfair comparisons between insurance companies and
their products. The insurance companies have also been advised to follow the
code of conduct prescribed by the Advertising Standards Council of India
(ASCI).

The regulator, in its guidelines released earlier, had said, “No claim of
ranking by an insurance company, as regards its position in the insurance
market, based on any criteria (like premium income or number of policies or
branches or claims settlements, etc.,) is permissible in any of the
advertisements."